1-19 STONE ROW & STABLE LANE

Transcription

1 MIXED USE INVESTMENT WITH SIGNIFICANT ASSET MANAGEMENT OPPORTUNITIES 1-19 STONE ROW & STABLE LANE COLERAINE

2 Excellent Opportunity to Acquire a Prominent Town Centre Mixed Use Investment with Substantial Asset Management Opportunities INVESTMENT SUMMARY: The property is located in Coleraine, County Londonderry, a key regional economic and retail hub only 11 miles (18 km) from the world-renowned Giant s Causeway. The property is situated in the town centre on Stone Row / Stable Lane, in close proximity to the prime retail pitch in Coleraine. The subject is easily accessible from Northern Ireland s road network and the associated rail and bus links. Total population within the 20-minute catchment area of 84,987 (source: Savills Research). Total consumer expenditure of 518 million per annum within a 20-minute catchment. The property comprises ground floor retail and first floor office accomodation extending to approximately 11,449 sq.ft (1, sq.m) The investment represents a significant asset management opportunity, with a majority of the occupiers either holding over on expired leases or nearing lease expiry. We anticipate once full occupancy achieved an estimated rental value of 96,500. We have been instructed to seek offers in excess of 675,000 (Six Hundred & Seventy Five Thousand Pounds) exclusive of VAT for our client s freehold/long leasehold interest. CAUSEWAY COAST FOYLE ESTUARY Ballycastle ANTRIM COAST & GLENS Coleraine Ballymoney Limavady Letterkenny Londonderry Ballymena Larne Strabane SPERRINS Carrickfergus Antrim Magherafelt Belfast Cookstown A purchase at this level represents a low capital value of psf and a very attractive net initial yield of 10.69% assuming full purchaser s costs at 5.24%. LOUGH NEAGH Omagh Dungannon Lisburn Craigavon Armagh Banbridge STRANGFORD LOUGH COAST Downpatrick Enniskillen Monaghan MOURNES RING OF GULLION Newry Newcastle Warrenpoint Cavan Dundalk

3 LOCATION & COMMUNICATIONS Coleraine is located on the bank of the River Bann in County Londonderry, Northern Ireland. The town lies a short distance to the south of the Bann Estuary and Portstewart, as such a popular tourist destination and one of the country s most affluent areas. The Giant s Causeway, a UNESCO World Heritage Site, is located approximately 11 miles (18 km) to the northeast of Coleraine and draws thousands of visitors each year. Coleraine is the largest town in the region and benefits from the significant influx of tourists drawn to the Causeway and the Causeway Coast. Coleraine is located approximately 29 miles (46 km) to the east of Londonderry, 28 miles (45 km) to the northwest of Ballymena, and 56 miles (90 km) to the northwest of Belfast. CAR The town benefits from excellent accessibility to Northern Ireland s road network, and sits on the convergence of the A37, A29 and A26 main roads. The A37 runs direct to Londonderry via Limavady, whilst the A29 runs south along the west of Lough Neagh where it meets the M1. The A26 runs to the southeast to Ballymena where it meets the M2 motorway which, in turn, provides access to Belfast from the north. RAIL Coleraine is served by two mainline railway stations: Coleraine and University. Coleraine railway station is located on the Belfast to Derry line with approximate fastest journey times to Londonderry Waterside and Belfast Great Victoria Street of 42 minutes and 1 hour and 43 minutes respectively. Coleraine and University both lie on the Coleraine to Portrush railway line which runs north from Coleraine, via University, to Portrush. SITUATION The subject property is located on Stone Row and Stable Lane, just off the Diamond area and Church Street within Coleraine town centre, which are the prime retail pitches, with Stone Row, the main pedestrian thoroughfare from the town centre to the highly popular Abbey Street Car Park. Surrounding occupiers include Next, Trespass, Superdrug, Boots, Waterstones and Caffe Nero and Laura Ashley. DESCRIPTION The subject property comprises a 2 storey mixed used building benefitting from dual frontage on to Stone Row and Stable Lane, directly accessed from The Diamond and the popular Abbey Street car park. The ground floor provides for 6 no. retail units totalling 5,846 sq ft / 543 sq m. The first floor comprises 4 no. office suites and a store totalling 5,657 sq ft / 526 sq m. The internal finishes to the units are to tenant s specification. RETAIL ACCOMODATION Ground Floor 1-3 Stone Row Total area approx. 1,208 sq ft ( sq m) 5 Stone Row Total area approx. 1,057 sq ft (98.2 sq m) 11 Stone Row Total area approx. 997 sq ft (92.65 sq m) 15 Stone Row Total area approx. 796 sq ft (73.99sq m) 17 Stone Row Total area approx. 845 sq ft (78.5 sq m) 19 Stone Row Total area approx. 942 sq ft (87.5 sq m) OFFICE ACCOMODATION First Floor 1 Stone Row Total area approx. 579 sq ft (53.77 sq m) BUS Regular local and regional bus services are available from Coleraine Bus Station and daily services link the town with Londonderry and Belfast as well as satellite towns and villages. 3 Stone Row Total area approx. 500 sq ft (46.40 sq m) 5 Stone Row Total area approx sq ft (98.2 sq m) 7-9 Stone Row Total area approx. 1,769 sq ft (164.36) Stable Lane Total area approx. 1,753 sq ft ( sq m)

4 AREA PLAN N VACANT STABLE LANE BOUTIQUE For Indicative Purposes Only. Not to Scale STONE ROW & STABLE LANE COLERAINE

5 TENANCY SCHEDULE STONE ROW & STABLE LANE, COLERAINE: The subject offers a significant asset management opportunity, with the majority of the occupiers either holding over on expired leases or nearing lease expiry. Retail Unis Tenant Size (sq.m) Size (sq. ft) Lease Start Review Lease Expiry Break Option Passing Insurance NAV Payable Vacant Current Non - Recs Comments 1 to 3 M Sudlow t/a J Bentley /02/ /01/2019 Annual 15, , Vacant ,413 3, , Nl Hospice (Trading Ltd) , , Health food shop , , Renewal out for signature 17 MPA , , Stable Lane Boutique (Allison) , , Total 51,950 1,083 39,605 3, , Yr 1-6,000 Yr 2-7,000 Yr 3-7,000 Net 47,730 Office Units Tenant Size (sq.m) Size (sq.ft) Lease Start Review Lease Expiry Break Option Passing Insurance NAV Payable Vacant Current Non - Recs Comments 3 Edinburgh Woollen Mill , , Overholding OKT , , Overholding (Renewal Agreeable 3 years c. 9,500 / 10k 7 to 9 Montgomery Irwin , , Overholding 1 NCP , , Overholding 5 Vacant ,413 1,569 1, Total 30, ,569 2, Net 28,229 Retail & Office Gross Totals Retail & Office Net Totals 82,650 75,959

6 RATES AND EPC Please note the following figures are based on the current NAVs and the Rate in the Pound 2017/2018 for Causeway Coast and Glens Borough Council which is VAT The property is registered for VAT and is therefore payable. It is envisaged that the sale will be treated as a transfer of a going concern (TOGC). Property Rateable Value Payable EPC Rating GF 1-3 Stone Row 13,600 7, D90 TITLE We understand the property us held by way of freehold/long leasehold. GF 5 Stone Row 10,463 6, C72 GF 11 Stone Row 9,750 5, C67 GF 15 Stone Row 8,050 4, D100 Ballycastle GF 17 Stone Row 8,200 4, E103 GF 19 Stone Row 13,000 7, D90 FF - 1 Stone Row 3,350 1, G171 Letterkenny Londonderry Limavady COLERAINE Ballymoney Ballymena Larne FF - 3 Stone Row 2,950 1, D90 FF - 5 Stone Row 5,737 3, G218 FF Stone Row 9,300 5, C65 FF Stable Lane 9,550 5, C67 Total 93,950 53, A copy of the certificates can be made available upon request. Strabane Omagh Enniskillen Magherafelt Cookstown Dungannon ARMAGH Monaghan Lough Neagh Newry Lurgan Portadown Carrickfergus Antrim BELFAST Mourne Mts Lisburn Downpatrick National Strategic Transport Network Ports Belfast International Airport Airports Key Transport Corridors Link Corridors Trunk Roads Railways Belfast Metropolitan Urban Areas Cavan Dundalk To Dublin

7 MIXED - USE INVESTMENT / ASSET MANAGEMENT OPPORTUNITY PROPOSAL We have been instructed to seek offers in excess of 675,000 (Six Hundred & Seventy Five Thousand Pounds) exclusive of VAT for our client s freehold/long leasehold interest. A purchase at this level represents a low capital value of psf and a very attractive net initial yield of 10.69% assuming full purchaser s costs at 5.24%. FURTHER INFORMATION For further information or to make arrangements to inspect the property contact: NEAL MORRISON +44 (0) neal.morrison@savills.ie JAMIE RADCLIFFE +44 (0) jamie.radcliffe@savills.ie HENRY TAGGART +44 (0) henry.taggart@okt.co.uk Savills Belfast 32/36 May Street, Belfast, BT1 4NZ +44 (0) O Connor Kennedy Turtle 20/22 Stable Lane, Coleraine, BT52 1DQ +44 (0) DISCLAIMER Important Notice Savills, their clients and any joint agents give notice that: 1. They are not authorised to make or give any representations or warranties in relation to the property either here or elsewhere, either on their own behalf or on behalf of their client or otherwise. They assume no responsibility for any statement that may be made in these particulars. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact. 2. Any areas, measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. It should not be assumed that the property has all necessary planning, building regulation or other consents and Savills have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise. Designed and Produced by MMCreative.ie: +353 (0) September 2017